Westfield Capital Management Co. LP Has $104.37 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Westfield Capital Management Co. LP lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 383,196 shares of the software maker's stock after selling 6,601 shares during the quarter. Westfield Capital Management Co. LP owned 0.14% of Cadence Design Systems worth $104,371,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of CDNS. DekaBank Deutsche Girozentrale raised its holdings in shares of Cadence Design Systems by 34.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker's stock valued at $91,775,000 after buying an additional 99,251 shares during the period. USA Financial Formulas lifted its position in shares of Cadence Design Systems by 380.7% during the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker's stock worth $2,430,000 after purchasing an additional 7,066 shares in the last quarter. Miracle Mile Advisors LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $934,000. Dai ichi Life Insurance Company Ltd boosted its stake in shares of Cadence Design Systems by 10.8% in the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker's stock valued at $17,969,000 after purchasing an additional 6,422 shares during the period. Finally, Pacer Advisors Inc. increased its stake in Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker's stock worth $11,006,000 after buying an additional 3,484 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 1,454 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Aneel Zaman sold 1,207 shares of the company's stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company's stock, valued at $18,583,485. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of the firm's stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 109,298 shares of company stock worth $33,247,394. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $0.41 during mid-day trading on Friday, hitting $294.28. The company had a trading volume of 957,105 shares, compared to its average volume of 1,364,188. Cadence Design Systems, Inc. has a 12 month low of $208.50 and a 12 month high of $327.36. The stock has a market cap of $80.08 billion, a price-to-earnings ratio of 76.64, a PEG ratio of 3.60 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm's 50 day simple moving average is $296.25 and its two-hundred day simple moving average is $287.54.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm's quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the business posted $1.02 earnings per share. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Morgan Stanley upgraded Cadence Design Systems from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Robert W. Baird upped their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an "outperform" rating in a research report on Thursday, April 18th. Stifel Nicolaus raised their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, February 13th. KeyCorp upped their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an "overweight" rating in a report on Monday, April 15th. Finally, Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average target price of $326.11.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.